Bill > S0288

This bill creates the "Main Street Historic Tourism and Revitalization Act", which provides a tax credit against the state corporate income tax and insurance premium tax for qualified expenses incurred in rehabilitating certain historic structures. To be eligible, the historic structure must be located in Florida, be income-producing, and have been placed into service on or after January 1, 2024. The credit amount is 20% of qualified expenses, or 30% if the structure is located in an Accredited Main Street Program area. The bill also allows the tax credit to be carried forward for up to 5 years and to be sold or transferred. The Department of Revenue and the Division of Historical Resources are tasked with administering the program and providing guidelines.